Shareholders, (especially long-term holders), ought bear in mind...

Shareholders, (especially long-term holders), ought bear in mind that in August 2022 Skip Capital offered 25 cents per share.

The Non Binding Indicative Offer, (NBIO), made by J-Power, nineteen months later, is 27.5 cents per share.

Given the INFLATION which the Australian economy has experienced over that period it is fair to say that the J-Power offer is no better than the Skip Capital offer; perhaps it may even be lower, when adjusted for inflation.

J-Power, in its attempt to score a low-ball purchase and justify the very low offer of 27.5 cents per share, reverted to quoting various time period Volume Weighted Average Prices, (VWAP).

In my view the use of these VWAP calculations is quite erroneous and deliberately misleading.

One only has to refer to the volumes traded over the periods used to realize how DECEPTIVE this use of the VWAP figures, by those "professionals" who prepared the offer for J-Power, really is.

Most Genex Power Ltd shareholders have been and are long-term holders, often motivated by the "clean renewable energy" factor. They have been prepared to wait.

Since August 2022 shareholders have been provided with the statutory Quarterly Reports and two Annual Reports, These reports have conveyed the steady progress, particularly of the cornerstone project, Kidston Hydro. As well, shareholders have been kept abreast of the progress with the construction of the vital transmission lines and the start-up of the Boulderscome Battery.

The following reminds shareholders of most of the key developments since Skip Capital withdrew its 25 cent per share offer:-

Construction Update for Kidston - 9 November 2022.

Kidston Pumped Storage Hydro - Construction Update - 20 February 2023.

Bouldercombe Battery Project - Construction Update - 13 March 2023.

Kidston Pumped Storage Hydro - Construction Update - 29 March 2023.

Kidston Pumped Storage Hydro / Construction Update 23 May 2023.

Kidston Pumped Storage Hydro / Construction Update - 28 June 2023.

Renewable Power Purchase Agreement - 9 October 2023.

Genex secures 337.5MW offtake with Fortescue for BCS - 9 October 2023.

Genex secures offtake with EnergyAustralia for 258MW K3W - 20 October 2023.

Bouldercombe Battery Project - Commissioning Update -30 October 2023.

K2H - Completion of Main Access Tunnel - 3 November 2023.

Commencement of Full Commercial Operations at BBP - 10 November 2023.

Commencement of Full Commercial Operations at BBP - 8 December 2023.

Commencement of Full Commercial Operations at BBP - 12 December 2023.

Appointment of PCL as Preferred EPC Contractor for BCS - 30 January 2024.

Bulli Creek Solar Project - Update on Fortescue Offtake - 29 February 2024.

Genex receives NBIO from J-POWER - 4 March 2024.

The J-Power NBIO appears to have comprehensively discounted the above MILESTONES?

The Genex Power Ltd Board of Directors needs to consider and explain to shareholders whether or not these impressive developments, (MILESTONES), have added substantial value to the company AND significantly DE-RISKED the Kidston Pumped Storage Hydro project.

Given the above progress which I contend has added quantifiable value, (inflation adjusted), to Genex Power Ltd, in the nineteen months since the August 2022 25 cent per share offer from Skip Capital, it is understandable why J-Power has imposed No Shop and No Talk Restrictions.

The No Shop and No Talk Restrictions seems to say a lot about the low-ball and opportunistic NBIO from J-Power?